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The owner of the oil company Petrox Corporation, Fred Wilson, invests all his possessions searching oil in an unexplored island. The vessel leaves Surubaya, in Indonesia, with the stowaway Jack Prescott, who wants to protect an ape called Kong. While traveling, they find the castaway Dwan in the middle of nowhere in a rescue boat in the ocean and bring her on board. The group finds that the island is inhabited and the local natives worship a huge gorilla called Kong. They abduct Dwan to offer her in a sacrifice to Kong. The crew hikes into the jungle trying to rescue Dwan. King Kong falls in love with Dwan and protects her against a huge serpent. When Fred finds that the oil in the island is not ready for exploitation, he decides to capture Kong and bring him to New York for exhibition. In the middle of a show, King Kong escapes, bringing panic to the locals.

When Dr. Doug Lee fails to save the life of navy pilot Swede Larson, who blacked out and crashed after entering a steep dive, the flyer’s friends take an immediate dislike to him and disparage his efforts to learn more about the problem by becoming a flyer himself. Lee’s new superior officer, Dr. Lance Rogers, also exhibits resentment toward the presumptuous newcomer. They ultimately become friends and form a mutual bond of personal and professional respect when their research develops a high altitude flying suit which they hope will prevent the kind of blackouts that killed Swede. Unfortunately the process of experimental testing of the new device proves to be a dangerous undertaking.